Good afternoon, everyone. Thank you for joining us today for earnings call of RVNL for this quarter and year ending 31st March 2026.

As all of RVNL's portfolio comprises primarily of infrastructure-focused businesses which spans across rail infrastructure, metros, roads and highways, transmission, and port harbors. While this year has been challenging for the company, RVNL has remained focused on sustaining its operational performance and ensuring timely execution of key projects.

Despite market and sectoral headwinds, we continue to maintain a strong order book and are actively working towards improving efficiency and expanding business opportunities. With continued government emphasis on railway infrastructure development, we remain confident about the long-term growth prospects of the company.

As a result of which, the company has achieved an MOU rating of Very Good for the year 2024-25 from Department of Public Enterprises. I am pleased to share that our order book continues to remain strong and diversified, providing healthy multi-year execution visibility for the company.

During the quarter ended January to March 2026, the standalone order inflow stood at ₹4,644 crores, while for the whole financial year 2025-26, standalone order inflows were ₹5,875 crores. With joint ventures, we have also secured works amounting to ₹1,201 crores.

As on March 31, 2026, the company's total order book stood at an impressive ₹99,262 crore. The order book is primarily driven by railways with ₹57,000 crores, followed by signaling at ₹14,900 crores, port, roads and highways at ₹10,400 crores, and metros at ₹9,900 crores.

We have works of power and transmission of about ₹4,000 crores and hydro and irrigation project at ₹2,000 crores. Growth and movement in the order book were supported by new railway and multi-sector infrastructure works awarded to RVNL.

Steady execution leading to revenue recognition and our disciplined margin-focused selective bidding strategy, this strong and well-balanced order book positions the company confidently for sustained growth in the coming years. The company reported a strong growth in revenue during quarter four financial year 2025-26, with standalone turnover increasing by 47.6% quarter-to-quarter if I compare it to quarter three financial year 2026 to quarter four of financial year 2026.

There's a growth of 4.78% when compared to quarter four of '25 to quarter four of '26, and 0.72% year-to-year growth, reflecting healthy execution momentum and improved project activity during the quarter. On a consolidated basis as well, turnover grew by 42.94% quarter three to quarter four, 4.8% quarter four to quarter four '25-'26, and 2.45% year-to-year, demonstrating sustained business expansion and strong order execution capabilities.

However, despite the robust increase in revenue, profitability remained under pressure during the quarter. Standalone EBITDA declined by 16.88% if I compare quarter three to quarter four, 33.55% quarter four to quarter four '25 to '26, and 26.74% year-to-year, while EBITDA margin reduced from 10.36% in quarter three to 5.83% in quarter four financial year 2026.

Similarly, PAT declined by 19.66% quarter-to-quarter and 43.14% quarter four to quarter four compared to '25-'26, and 32% year-to-year, indicating margin pressure and increased cost burden during executions. On a consolidated basis, EBITDA and PAT witnessed declines despite higher turnover.

The decline in the above parameters is mainly driven by a few onerous contracts and reconciliation adjustment relating to joint ventures. Overall, the results indicate strong revenue visibility and execution growth for the company.

However, pressure on margins and profitability remains a key area of concern, which may require close monitoring in the coming quarters. I want to brief that bidding works of this RVNL company have contributed 31.40% to the total revenue from operations, showing an increase of 129.50% from the previous year.

I want to inform that the company has paid an interim dividend of ₹208 crores, and board has also recommended a final dividend of ₹148.03 crores subject to approval of shareholders. I want to highlight the progress of the major projects undertaken by Rail Vikas Nigam Limited.

One is BharatNet project, which has been awarded by Bharat Sanchar Nigam Limited, is a ₹13,236 crore initiative to provide high-speed broadband connectivity in rural and remote areas through 8,206 km of OFC infrastructure. Till date, RVNL has achieved 15.01% physical progress.

Project execution momentum has improved significantly and work is now progressing at a good pace across project locations, and we are expecting good revenue and profit margin in this year. Another important project is Rishikesh-Karanprayag rail project, which is of a national importance in Uttarakhand.

Being developed at a cost of ₹37,000 crore, the 125 km project has achieved 74% overall progress, with around 96% tunnel excavation complete. Target for completion by December 2029, the project will improve access to the Himalayan region.

Another important project is Vande Bharat sleeper train set, a ₹14,400 crore project with 35 years maintenance arrangement being executed by our SPV, Kinet Railway Solutions. We are hopeful that first prototype train set is targeted for launch in December 2026.

SPV has also received the Bronze A' Design Award 2026 in Italy for excellence in mobility and transportation design. Performance of our JVs and subsidiaries remained encouraging, contributing ₹399.86 crore to consolidated revenue and ₹64.23 crore to PAT.

Additional dividend income received from JVs and subsidiaries stood at ₹43.45 crore during quarter four and ₹47.88 crore for the whole year, which contributed positively to the company's consolidated profitability. I want to brief that the employee productivity showed improvement, which has increased from ₹21.23 crore to ₹22.46 crore.

This growth reflects enhanced operational efficiency and better utilization of human resources. RVNL continues to demonstrate disciplined execution and stable operational performance supported by a strong and diversified order book.

We remain focused on efficient project delivery, margin discipline, and conversion of healthy L1 and LOA in pipeline. We are also actively encouraging opportunities in diversified infrastructure and emerging business areas.

With sustained progress in key national infrastructure projects, the company is well-positioned for long-term sustainable growth and value creation. Thank you for your continued trust and support.

We are open for the question and answer. Thank you.

thanks for the opportunity. Sir, on the margins, though you did clarify it is coming from one of the JV works that we are doing, is it fair to say is the work has concluded and probably we'll have a better margins from quarter one of FY '27, or do you think probably the base of 4%, 4.5% EBITDA margin is the new base for us?

PAT looks lower in this quarter, but if we, adjust for the, yeah, onerous contract of ₹54 crores, and we have paid municipal taxes on new building, and we have, adjusted after reconciliation of our SPV amounting to ₹35 crores, you will see that the PAT is like slightly better than the last year, than the last quarter. Definitely now the like adjustment for the onerous contract has been done, and we are hoping that and we are hopeful that we will definitely improve our margins in the first quarter of the '27 year.

Thank you.

Okay. Thanks for the clarification.

Maybe one last question from me is, I think we have seen increase in the receivables in FY '26 numbers, and that has led to lower cash and lower other income. Is it coming from which segment or probably any color that can be provided?

Cash flow is a challenge because we are working for Ministry of Railways, and we have to get money from Ministry of Railways. If you see that our ₹3,400 crores were recoverable from MOR, which we could not get within this year, but we have received now in April.

That was the reason for cash flow negative.

Sure sir, I think this is helpful. I'll come back in the queue.

Thank you, sir.

Thanks sir for the opportunity. My question is on the receivable parts on the Krishnapatnam railway company, which is standing at ₹1,116 crores including ₹890 crores of interest.

What is the timeline for resolution and how much we can realistically recover on that?

Good afternoon. The total receivable which is due from the Krishnapatnam stands at ₹1,116 crore, which comprises of two components basically, the principal and the interest component.

During the last year gone by, Krishnapatnam has given a healthy return of around ₹290 crore out of which was due from them. With the continued good performance of Krishnapatnam rail company, we hope that in the coming 2 years' time mostly their receivables will be wiped out, and the SPV will also turn profitable.

Due to their good performance, they have given a total dividend of ₹50 crore this year, out of which RVNL has received its share of ₹25 crore.

Thank you. What kind of top-line growth that can be expected in '26-'27, and how should we take the margin outlook from current?

Because what I understand from last con-call was you mentioned that '26-'27 as far as execution would be better off, and also margins would be comparatively on the brighter side.

Yes, we are definitely expecting a good rise in our revenue, which will be around say 15% to 20%, and even the margins will definitely increase. That I want to assure you, and it will be much better than this year.

Should we expect that from the current quarter itself, June quarter onwards, the top-line growth and followed by the margin growth to be start seeing?

Definitely quarter-to-quarter year-wise definitely there will be improvement. The quarter first quarter will be slightly challenging for us, but we are hopeful to, achieve the targets and have a good revenue and good profit, good margins.

Okay. Thank you so much.

That's it from my side.

Sir, thanks for the follow-up. Sir, in terms of our order book of 99,000-odd crore, what is the breakup in nomination and competitive bidding now?

If you see our breakup for nomination and bidding is almost 50%, 50-50 each. Presently, ₹45,000 works are of bidding and 45% are on ₹45 crores are on nomination basis.

Now our business strategy is that we should focus on railway works which we already have in pipeline, which is almost 30,000 works are going on. In addition, we are talking to other PSUs and government for management works on PMC basis.

Like we have got works from NMDC, Visakhapatnam Port Trust, and other, and we are focusing that we should get more works on PMC. Third vertical will be from the bidding works.

This time we are not bidding very aggressively for the bidding works. We have kind of positioned ourselves like that that we should get at least 5% to 10% profit from each works of bidding.

That is our target and our strategy.

Sure sir. In terms of our order inflow, though you did clarify standalone and let's say FY '26 and quarter four, for the JVs, can you also share what is the inflows in quarter four and FY '26?

JV we have got one work recently from railways, which is a bidding work of ₹1,200 crores right now. We are expecting that we should get more works in future, definitely.

Okay. Sir, I think if I look at our order inflow including JVs, everything is to the tune of maybe 7,000-odd crore for this year, and we have done execution of 20,000-odd crore in terms of revenue, and our order book has seen an increase.

Is there a large part of the change is coming from the scope change or anything that you can share on this?

Actually, if you see the order book which we have received during the last financial year was around ₹6,000 crore, and the execution from the bidding works also stands around ₹6,300 crores. The order book inflow and execution matches.

In the coming years, the execution from the bidding works will increase tremendously because, as you've seen in the last year, as compared to financial year '24-'25, in financial year '25-'26, it has increased by almost 129%, which was ₹2,737 crore in financial year '24-'25, it has increased to ₹6,283 crores in financial year '25-'26. Our order book is healthy and we hope that with increased execution also, order book will be able to give us the good, handsome revenue.

The change of many projects it's there, especially in metro projects and other projects which we are executing, even road projects, we got change of scope as per the requirement of the site and client's requirement.

Okay. Sir, in terms of I think a lot of cost inflation that we have seen in terms of commodity prices and other things, I understand nomination order, which is almost 45,000-odd crore, things are pass-through.

In competitive bidding, is it a fixed-price contract or there are escalations? Can you share anything on that?

There are different types of contracts. Some are fixed contracts, some are dynamic also.

In most of the contracts, we get the price variation which controls the fluctuation of the market. Definitely challenges will be there.

Yeah. Sir.

Then in terms of sir, Vande Bharat order, though you mentioned prototype is December '26 that you plan to supply, and the total order that is there of 120 sets, by when this will get concluded? How are the delivery schedules after prototype is submitted?

Our prototype will be completed by this year only. We'll give them two prototypes.

After that in next... The Vande Bharat order book is to be completed in 5 years' time and with a graded increase every year.

The first year, after prototype, we have to supply because after supplying the prototype, it takes around 3 to 4 months' time for the various trials and other clearances by ministry. Thereafter, in first year, 5 sets will be supplied.

Thereafter, it will be increased and the total 120 sets will be supplied in 5 years' time.

Okay. Sure sir, I think this is helpful.

I'll come back in the queue, sir. Thank you.

Yes sir, thank you for the follow-up question. I just wanted to have the understanding on what steps the company is taking so that fast-track execution can be cleared on priority in terms of automation or steps that are being taken which helps the company to enhance the execution capability?

The main challenge obviously for us is faster execution. Then only we can have good revenue and good margins.

Our whole team is focusing on it. We are using latest technologies, like we are using a BIM model which gives us 5D functions which gives the progress, financial progress, and planned progress versus the actual progress.

We are using drones for the site inspection, and we are using many kind of softwares with clear dashboards and give us the performance on our dashboard. Many things are being done at every level, from the supervisory to the top management, and our focus is for the faster execution of the work and timely execution of the work.

Thank you.

Can we have a presentation kind of wherein you give the points or the areas which the company is doing a lot of exciting work and good work so that we also understand what exactly the company is doing in terms of execution readiness and how well that can be put in use or has been or you might be using it, so that it gets communicated well amongst the stakeholders?

Thank you. This is a very good suggestion, and we will definitely implement it and put it on our website so that every stakeholders can go through it, and if they have some suggestion, we will be happy to incorporate those.

Thank you.

Thank you for that. If that can be in a presentation in a quarterly or a yearly kind of a thing, that would be great also.

Because a lot of questions can be put on basis of that. One more thing: has RVNL been approached to develop or upgrade corridor specifically for the defense logistics, because in this war scenario, railways can be also be used as a defense logistics?

Anything specifically that can be done by RVNL in that line?

Definitely we're doing, but we'll not be able to explain here. Definitely many strategic projects are in pipeline.

Okay. Fine, yeah.

Thank you so much.

a... We should close it now?

Okay. Can we close now?

We can close the call now?

Thank you very much.